How to correct a form 15h that has been submitted already?

TDS 1125 views 3 replies

Brij Mohan Tiwari

Manager

29 Points Joined June 2012

I have submitted for 15H this year as my income was below the 2.5L limit. However, it was recently pointed out to me that I might have made an error in my calculations. Basically, I did not incorporate "ACCRUED INTEREST"m in my calculations. My net income in Form 15H is shown as 2.43L..however, with the ACCRUED interest, it is likely to jump to 2.56L.

I am uncertain how to handle this. Is there still an option for me to do a correction / rectification of my 15H? I am concerned that ITO might flag me for incorrect submiission subject to penal consequences.

i request the forum members to kindly guide me here. You help is much appreciated.

Thank you.

Replies (3)

V K Bajaj

Accountant

1540 Points Joined April 2012

Dear Mr Tiwari,

Need not to worry. Your intention is to pay taxes honestly so you will pay. Income Tax department is to collect legitmate tax. Once you pay the taxes in time and correctly the issue would automatically would be over.

However, you can make a written or verbal request to withdraw form 15H.

contact @ vkbajaj.co.in